sometimes when the staff brings you anything, please look at that in a different way, and going back to the town hall meeting about the tax matters, there are four people every meeting. the same four people every meeting. why? there were 36 at a town hall meeting when mr. ford was here, and issues were raised, and whenever we achieved, since it was not so developed, they brought in an outside consultant, said that somebody can whitewash the story. the majority of the people in the town hall meetings, like 100

people, 99%, they went in one direction and told what needed to be done. the garbage, what they have done wrong. to continue with that. so please look into that. we will discuss when the full issue will come out, so i request you and also give us enough time. bring this to the next meeting. let's bring them back, and we will see all of them sitting here today, why they are here. we want to bring the others here to show you what are the problems. thank you. chairman nolan: thank you. next speaker, please. clerk: [reading names] >> i first want to issue a

belated happy thanksgiving. i was not able to do that before. there is a lot to be thankful for. forgetting the mirrors. there are other things not to be thankful for. i want to address an item on the other industry goings on. we are not getting that. there seems to be some rough going on between the web master in the taxi services people who are assigned to make sure this gets on the internet. we are not getting it. we are not getting it in a timely manner. this should have been online and available for us to look at way before a few days ago. why do we have to wait until the last minute to find out about things and to have an opportunity for public comment. i am really concerned about them

trying to hide things from laws. the website is too difficult. we should not have to click 5 million times to get to where we need to find things. if it takes an expert, maybe you need to hold a wedge shot for us to know how to do with orson links to us. there is a huge list. send links. they were almost going to eliminate all of the party because some police officer decided to eliminate the parking. this has been there for years and has been highly successful without any problems. you need to make sure if you eliminate the overnight parking, businesses do not just operate during the daytime. the officer failed about this. he should get awarded for his work.

why did she get to say thank you? it is not her job. it is your job to quiet us down, not hurt. chairman nolan: thank you. next speaker. secretary boomer: [reading name] this is the last person who turned in a speaker card. >> we need to have the ability to see an empty cab, but we are not able to instruct them. city property, if i buy a hot dog, i have to assume i get mustard and a napkin. when this goes out to individuals, it has to go out with the implication that you are going to be told sometime during the day to go do something. that is part of the system. we cannot do that in court.

like i said, it would be much easier for the city to issue a medallion with instructions and a call for service. the other is a comprehensive knowledge test for those on the list. one that they would literally have to study for or be behind the wheel. bus schedules, ferry schedules. some people do not know where the odd side of the street is, and then when they go back, they have their score of the test and the numbers on the list. they would be in order. 599 would be before 700, but they would be where we issued. anyway, thoughts while driving. chairman nolan: anyone else to address the board on public comment? seeing none, secretary boomer?

secretary boomer: these will be acted upon by a single vote unless a member wants to have one suburb. item 10.5 has been severed from the agenda by a member of the public but also by our vice chairman lee had requested this be severed, but no other member has requested that an item be considered separately. chairman nolan: for the rest of the consent calendar? all in favor? opposed? next. secretary boomer: item 10.5, obstruction. riding bicycles on the sidewalks. director: i had asked for this

to be taken off, because we should do enforcement for the right reason. when you take a look at this amendment, it talks about raising the fees for double parking, for obstruction, for other various reasons. we have no data to justify the increase. i have asked to take a look at citations to see where we stand. if there is an lack of enforcement, where there is a problem. we really need to look at this rather than just say we need to increase the fines, because we cannot continue to use fines and fees as a revenue balancing object. chairman nolan: to a governance committee? director: i would agree with that, and we had a policy that said it would be only along the lines of indexing. now, that does not mean that that always has to be the case.

a certain violations such as a safety violation, bicycling on the sidewalk is, really needs to be enforced, so be it, but if it is a revenue measure, we really committed ourselves that it would be done on an indexing measure, and i think to director lee's point, i would agree with this, and i think director lee for spotting this and severing this. chairman nolan: director oka? director oka: bicycle riding on the sidewalk. there is still a significant number of bicycles. riding their bicycles on the sidewalk.

persons that use the sidewalk. i really do not think we have enough resources to enforce that. we really need to do something before somebody really gets seriously hurt by either a bicyclist hitting a pedestrian or a situation where they would be hurt worse. something has to happen. what are we going to do about it? how to resolve this problem? that is our job, i think. chairman nolan: thank you, director oka. point well taken. director, did you have something?

director: i think these have to go beyond to make our transit more efficient. when we make transit more efficient by getting rid of double parked cars, that translates into savings and ultimately goes into some of the issues that were brought up by some of the members of the public a broader issues today, as one brought up the point of a 33% savings by dedicating a lane. every time any of our vehicles get stuck behind a double parked car, that turns into bunching, which turns into unnecessarily high operations costs, so i want to make sure that when we talk about these things, we do not just talk about them in terms of revenue and punishment but that we keep in context that the goal is to make operations more

efficient so that we can actually restore service or improve it to what it needs to be. chairman nolan: thank you. sir? >> good afternoon. i was trying to stay with in the two minutes before that also. i first want to thank the sustainable streets for including taxis. i did not sever that, but i wanted to thank you for the cab drivers as well. it would be great to get a flier about to the dispatch companies and the airport, informing them that they can now do this. this would help to improve customer service as part of this. it will improve customer service. regarding 10.5, thank you, director lee, for talking about this issue. the issue is enforcement. raising the fines to whatever

amount does not matter if you are not going to enforce it, and that is the god's honest truth. i hate to bring religion, but it is true. if you do not have enforcement people out there and do not want to focus on that issue, you are wasting everyone's time, including this body, so i appreciate that you look at the numbers of how many tickets have actually been given on this. it has gotten some radio coverage today, as you know. for each of these, how many violations? why do we not include taxes? we have two wonderful individuals in taxing services that are going around issuing white zone violations to cars and other vehicles and in camp zones, so why do we not increase that -- in cab zones, too? why do we not increase that?

>> i want to disagree with my friend barry and agree with my friend commissioner ramos. it is not for money. you have to look at the bus i is what? it does not get enforced. very few people do it. when you do not have a lot of enforcement, whatever to get the job done, then you want to have a very high fine so no one even thinks twice about doing it. they stay away. if you get a ticket like this, you do not do it again. or it gets a lot of publicity. i think that is a good way to keep the buses moving. we certainly have a lot of streets where there is only one moving lane, and even a fedex truck can stop traffic for a

couple of minutes. it destroys the whole system and sets up future bunching. you are on the right track. you should go forward with this increase. just because it does not in force a lot of tickets, it is only better at $200 most likely, this is part of transit first, to get the cars out of the wake of the buses. stick with it. thank you. chairman nolan: director heinicke? director heinicke: i think we are done with public comment. >> i used to drive a truck, too, and there is no way a truck can do their deliveries unless they are given an exemption. they cannot go park, so i hope you are considering that also. thank you.

chairman nolan: director heinicke? director heinicke: did we take 10.5? i want to congratulate the deputy director and his staff. that is working so well. and on those notes, i did want to comment on the public comment section. i do hope that director johnson or debra, that someone from your staff will get back with the hayes valley neighborhood association so we can hear them out on 21 and speak with them, and i think one of the other comments that struck with me was from charles. i think one of the reasons would be to coordinate things like pco compliance. obviously, if it was a situation where a police officer removed a taxicab into a zone, there

should not be a ticket. but as we did say quite clearly, taxis are part of our transit, so i would hope we could have some discussion with the taxicab drivers and pco's to make sure that the citations are only being issued when they are warranted and not when transit needs are being served. chairman nolan: thank you. next item. secretary boomer: you are moving on to your regular items. item 11, and 12, acting as both the mta board of directors and the parking authority commission. you'll be authorizing the issuance of up to $170 million in bonds, including refinancing of revenue and lease revenue bonds related to certain parking garages, meters, and providing

funds for new projects and allow the execution of documents necessary, including in bond purchase contract and entering a trust, the first supplement, and a continuing disclosure certification. item 13 has to do with approving the purchase of $10 million of liability insurance for the assets mta -- for the sfmta. there are awesome new revenue bonds and authorizing the director to have new leases. the parking corp., the japan center parking corp., the uptown parking corp., for a read of $1 per least with options to extend for each lease. item 15 authorizes the commission of a bond oversight committee to oversee the proceeds for projects funded by the as 78 -- for the sfmta.

you have one matter to be addressed by one member of the public. chairman nolan: we have had this last time around at length. did you want to say something? >> we need to have a presentation. it will only take 10 minutes. i would like to have a presentation on the record. the disclosure of counsel. to make the presentation. n -- chairman nolan: ok, do it now. >> i am with a law firm. your disclosure council in conjunction with the issue. our role as disclosure council is to assist the sfmta and

preparing what is offered to investors. my talk here is just to introduce you to an official statement and to just give you a little background about what it is for and what is in your disclosure document. the official statement for a bond issue is like the prospectus for registered securities offering. the purpose is to enable prospective purchasers to make an informed investment decision. this is to provide information. it is also important for it fully to provide information that the document not contain material statements or omissions.

there is a preliminary statement, which is available to prospective investors before the bonds are sold and that a final statement which is complete with the pricing information. in your board packet is a preliminary statement for the bond issue. it is in your board packet for information, for your review, but not at this point for your approval. the preliminary official statement is a work in progress. you will note that there are bracketed areas where updates are needed, and the finance staff anticipates coming back to you in march and asking for your approval. at which point, it will be more

complete. so what is in the official statement? the official statement contains first and foremost information on the bond. what is the purpose of the bond issue? what are the process -- projects that the proceeds of the bonds will finance? in this case, parking garage bonds that are being funded. and also the terms of the bonds, including the circumstances under which they can have their bonds redeemed or paid off prior to maturity. the official document also has information on the security for the bonds, the pledge. revenues and the application of the revenues. the availability of funds. secure payment. and the financial and operating covenants made to guarantee that

the enterprise will be operated in a way that generates the revenue that will be needed to pay the bonds. there is also information on the tax-exempt status of the bonds. of greater interest to you likely is that the official statement contains a lot of information on the sfmta. but credit story, as it were. we will discuss the purposes, the management and organization and also your function, and especially being about money matters, focusing on your functions that our revenue generating and the parking function in particular. for transit and parking, a review of the history, the assets, and the operations. also a discussion of the risks, the challenges that are faced by those functions and those portions of the business.

again, this being an offering of debt financing in money matters, they are particularly interested in finances. so the official statement addresses things like budgeting, rate setting, and your sources of sfmta revenues, particularly operating income and operating grants in the city early general fund support -- in the city general fund support. a major part of your operating expenses. there is historical data, it generally for the last five years or more, presented in tables and also in texas. and a discussion of your capital program. what are the sfmta needs, especially someone project, and

the debt. the official statement is a comprehensive story of the sfmta for investors, but you will note it is focused a little bit more or a little bit heavily on the risks flood. bondholders ask the question, what could go wrong, and if that goes wrong, where would that lead us? and those are questions that we need to address as part of your offering document. the offering document also has information on the bond ratings, assisting in the financing. we will have the financial statements, some general city operations, and it will also describe the undertakings that the sfmta makes to provide

ongoing disclosure to the public markets about the sfmta. so many close with the take away, which is what u.s. commissioners should be doing with the preliminary official statement in your packet. first of all, you should review the draft. you should look at it, and if you have concerns about either inaccuracies or important issues that you feel may not be adequately addressed, you are encouraged to bring those to the attention of the sfmta staff or if there is something particularly sensitive to the city attorney.

focus on the matters about which you have personal knowledge. is what is presented accurate and fair? is there anything important that is not being said? finally, if there is information that you have from your work as a commissioner that might not be information that the finance staff is aware of, it is important that those items also be brought to the attention of the finance staff or the city attorney. i would like to close just by commenting that there is a lot of very hard work that has been going on into preparing more disclosure document and the official statement, and especially from the finance department and staff, and there is a lot of hard work that still lies ahead of us, but, again,

this is your story. it is an important story for the mta to be telling investors, and it is important work that is being done. secretary boomer: there is one member of the public who wants to speak on this item. howard. >> thank you again, directors. you just heard about all of the protections being offered to people who would be in a position to offer your bonds, and that is important, because if not, they would not buy them. but you have to also be aware of those of us who will be paying back those bonds. that is the most important concern. i do not know a lot about this. if you still have a lot of leftover funding that you have for building some silly garages you built too long ago, this

could be a chance to get a low interest rate. if you want to use this rate to buy new meters, that is great, so do it, but if you are going to use this for stuff you should get from the fed or the central subway, which you do not know if it will happen, and it should not happen, that is not good, and then you are sinking yourself deeper and deeper. there had better be a lot of words in this, because they do not like to take risk. you should be concerned. a very big number. i hope there is not $170 million in unpaid garages that have not been funded. we have had these garages for a long time. there should be very little left in them. 10,000 meters do not cost that much. you should know much more about this. thanks a lot. secretary boomer: mr. speaker,

there are a few more people you have turned in speaker cards. chairman nolan: next one. secretary boomer: seeing none, directors, the items 11 through 15 are before you. chairman nolan: director heinicke? director heinicke: are you one of our public speakers? >> yes, newman. good afternoon. mr. president and directors of the mta. i am a lawyer with a firm that worked with the city in the 1950's to establish a nonprofit parking corp.. at the time they were developed, local merchants got together and contributed the seed money, and the city